Used car market ‘continuing to see rising values’

Used car sellers are continuing to enjoy increases to the average value of their vehicle stock, according to new figures.

Research from British Car Auctions has revealed that second-hand car prices have increased by three per cent last month, with average values now 30 per cent higher than they were in August 2008.

This represents a record high for the industry, with the increase fuelled by limited stock and rising levels of demand from consumers.

Tim Naylor of BCA hailed the new statistics, which he suggested are representative of the recovery of the market since the lows reached at the nadir of the recession last year.

He said: “It suggests there is [now] plenty of confidence in this sector of the economy.”

This comes after online seller Autoquake.com last week published figures which reveal that more and more of its customers are now willing to purchase vehicles without feeling the need to arrange a viewing.

ChoiceQuote® and ChoiceQuote Commercial Insurance are trading names of Bollington Insurance Brokers Limited Registration Number 02918954 who are authorised and regulated by the Financial Conduct Authority, and is wholly owned by Bollington Wilson Group Limited Registered Number: 10889686. Registered Office: Adlington Court, Adlington Park, Adlington, Cheshire, SK10 4NL. We are recognised as an Investor in People.

Carole Nash Insurance Consultants Ltd is regulated by the Ministry of Justice in respect of regulated claims management activities; its registration is recorded on the website www.claimsregulation.gov.uk.

Online sales and quotation service is currently only available to UK mainland customers. Calls may be recorded for training and monitoring purposes.